Alerus Financial Mortgage Rates, Fees & Info

Grand Forks, ND

LEI: 549300C4J510S9L1RF98

Tax ID: 45-0140105

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Alerus Financial is a small mortgage company specializing in Home Purchase and Refi loans. Alerus Financial has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Minneapolis, Fargo, Grand Forks, Phoenix, and Brainerd among others. We have data for 94 markets. (Some data included below & more in-depth data is available with an active subscription.)

Alerus Financial has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Alerus Financial is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
Home Equity Line of Credit (HELOC)	6.30%	12/16/24
30 Year Conventional Purchase	6.50%	12/16/24
30 Year Conventional Refi	6.44%	12/16/24
30 Year Cash-out Refi	6.78%	12/16/24
30 Year FHA Purchase	7.18%	12/16/24
30 Year FHA Refi	6.27%	12/16/24
30 Year VA Purchase	6.27%	12/16/24
30 Year VA Refi	5.97%	12/16/24
30 Year USDA Purchase	6.44%	12/16/24
15 Year Conventional Purchase	6.12%	12/16/24
15 Year Conventional Refi	6.18%	12/16/24
15 Year Cash-out Refi	6.18%	12/16/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Alerus Financial Mortgage Calculator

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This is not an official calculator from Alerus Financial. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

4,191

Origination Dollar Volume (All Markets)

$1,071,215,000

Employee count

789

Awards

Alerus Financial 30 Year Conventional Loans silver

Alerus Financial 30 Year Conventional Loans gold

Alerus Financial 30 Year Conventional Loans bronze

Show all (13) awards

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market	Originations	Total Value	Average Loan	Average Fees	Average Rate
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	3,255	$853,335,000	$262,161	$3,462	4.29%
FARGO, ND-MN (FHA\|USDA\|VA)	264	$65,080,000	$246,515	$2,682	4.66%
GRAND FORKS, ND-MN (FHA\|USDA\|VA)	254	$39,390,000	$155,079	$2,652	4.78%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	87	$26,345,000	$302,816	$3,073	4.43%
Outside of Metro Areas	96	$16,970,000	$176,771	$2,854	4.07%
Brainerd, MN (FHA\|USDA\|VA)	19	$5,815,000	$306,053	$3,305	3.79%
DULUTH, MN-WI (FHA\|USDA\|VA)	21	$5,175,000	$246,429	$4,017	4.14%
DENVER-AURORA-LAKEWOOD, CO (FHA\|USDA\|VA)	12	$4,240,000	$353,333	$2,617	3.84%
Fergus Falls, MN (FHA\|USDA\|VA)	10	$3,210,000	$321,000	$4,842	3.98%
Pierre, SD (FHA\|USDA\|VA)	1	$3,095,000	$3,095,000	$0	3.64%
Los Angeles-Long Beach-Anaheim, CA (FHA\|USDA\|VA)	4	$2,770,000	$692,500	$9,834	4.38%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA\|USDA\|VA)	5	$2,695,000	$539,000	$3,833	3.95%
Faribault-Northfield, MN (FHA\|USDA\|VA)	10	$2,350,000	$235,000	$2,540	3.85%
ST. CLOUD, MN (FHA\|USDA\|VA)	12	$2,160,000	$180,000	$3,881	4.41%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA\|USDA\|VA)	4	$1,760,000	$440,000	$3,613	3.88%
KANSAS CITY, MO-KS (FHA\|USDA\|VA)	5	$1,685,000	$337,000	$4,340	3.90%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA\|USDA\|VA)	3	$1,665,000	$555,000	$4,793	4.17%
NAPLES-MARCO ISLAND, FL (FHA\|USDA\|VA)	2	$1,400,000	$700,000	$5,547	3.63%
CAPE CORAL-FORT MYERS, FL (FHA\|USDA\|VA)	4	$1,270,000	$317,500	$3,957	4.13%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA\|USDA\|VA)	1	$1,085,000	$1,085,000	$8,924	3.63%
ROCHESTER, MN (FHA\|USDA\|VA)	6	$1,070,000	$178,333	$4,471	4.10%
FLAGSTAFF, AZ (FHA\|USDA\|VA)	3	$995,000	$331,667	$300	4.58%
Bemidji, MN (FHA\|USDA\|VA)	6	$970,000	$161,667	$3,534	4.48%
NEW ORLEANS-METAIRIE, LA (FHA\|USDA\|VA)	1	$885,000	$885,000	$6,667	3.63%
Red Wing, MN (FHA\|USDA\|VA)	4	$880,000	$220,000	$3,732	3.81%
Boston-Cambridge-Newton, MA-NH (FHA\|USDA\|VA)	2	$870,000	$435,000	$5,577	4.44%
Chicago-Naperville-Elgin, IL-IN-WI (FHA\|USDA\|VA)	4	$840,000	$210,000	$2,637	4.09%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA\|USDA\|VA)	1	$825,000	$825,000	$6,229	3.75%
ALBUQUERQUE, NM (FHA\|USDA\|VA)	3	$825,000	$275,000	$3,678	3.63%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA\|USDA\|VA)	2	$770,000	$385,000	$3,966	3.50%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA\|USDA\|VA)	1	$735,000	$735,000	$4,198	3.63%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA\|USDA\|VA)	1	$645,000	$645,000	$8,140	3.88%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA\|USDA\|VA)	2	$640,000	$320,000	$6,168	4.38%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA\|USDA\|VA)	5	$635,000	$127,000	$4,212	4.48%
MANKATO, MN (FHA\|USDA\|VA)	3	$625,000	$208,333	$3,361	3.79%
Jamestown, ND (FHA\|USDA\|VA)	2	$600,000	$300,000	$4,675	4.13%
MILWAUKEE-WAUKESHA, WI (FHA\|USDA\|VA)	4	$580,000	$145,000	$2,064	4.25%
Seattle-Tacoma-Bellevue, WA (FHA\|USDA\|VA)	1	$565,000	$565,000	$3,265	4.00%
BILLINGS, MT (FHA\|USDA\|VA)	3	$565,000	$188,333	$4,173	3.63%
SANTA ROSA-PETALUMA, CA (FHA\|USDA\|VA)	1	$565,000	$565,000	$2,611	3.75%
Willmar, MN (FHA\|USDA\|VA)	2	$530,000	$265,000	$2,682	3.63%
Albert Lea, MN (FHA\|USDA\|VA)	4	$500,000	$125,000	$3,184	3.59%
EUGENE-SPRINGFIELD, OR (FHA\|USDA\|VA)	1	$485,000	$485,000	$2,930	3.25%
Edwards, CO (FHA\|USDA\|VA)	1	$485,000	$485,000	$3,015	3.88%
Dickinson, ND (FHA\|USDA\|VA)	1	$455,000	$455,000	$6,814	3.25%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA\|USDA\|VA)	2	$440,000	$220,000	$2,977	4.19%
CEDAR RAPIDS, IA (FHA\|USDA\|VA)	2	$430,000	$215,000	$3,554	3.69%
Wahpeton, ND-MN (FHA\|USDA\|VA)	4	$430,000	$107,500	$1,814	4.25%
PROVIDENCE-WARWICK, RI-MA (FHA\|USDA\|VA)	1	$425,000	$425,000	$6,327	4.38%
SALEM, OR (FHA\|USDA\|VA)	2	$420,000	$210,000	$3,641	4.50%
RALEIGH-CARY, NC (FHA\|USDA\|VA)	1	$415,000	$415,000	$2,568	3.88%
North Port-Sarasota-Bradenton, FL (FHA\|USDA\|VA)	1	$405,000	$405,000	$3,572	4.13%
FORT COLLINS, CO (FHA\|USDA\|VA)	1	$365,000	$365,000	$1,334	3.63%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA\|USDA\|VA)	1	$355,000	$355,000	$6,288	3.13%
RICHMOND, VA (FHA\|USDA\|VA)	1	$355,000	$355,000	$55	4.25%
Yankton, SD (FHA\|USDA\|VA)	1	$355,000	$355,000	$2,788	4.25%
Bozeman, MT (FHA\|USDA\|VA)	1	$355,000	$355,000	$1,119	4.50%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA\|USDA\|VA)	1	$315,000	$315,000	$4,511	4.50%
Stillwater, OK (FHA\|USDA\|VA)	1	$315,000	$315,000	$5,652	4.13%
Brookings, SD (FHA\|USDA\|VA)	1	$305,000	$305,000	$2,368	4.13%
Hutchinson, MN (FHA\|USDA\|VA)	2	$300,000	$150,000	$663	3.94%
DES MOINES-WEST DES MOINES, IA (FHA\|USDA\|VA)	1	$295,000	$295,000	$4,822	3.88%
Detroit-Warren-Dearborn, MI (FHA\|USDA\|VA)	1	$295,000	$295,000	$0	4.13%
CHARLESTON-NORTH CHARLESTON, SC (FHA\|USDA\|VA)	1	$295,000	$295,000	$2,842	3.63%
SHEBOYGAN, WI (FHA\|USDA\|VA)	1	$285,000	$285,000	$5,078	3.63%
KALAMAZOO-PORTAGE, MI (FHA\|USDA\|VA)	1	$285,000	$285,000	$0	3.50%
Durango, CO (FHA\|USDA\|VA)	1	$285,000	$285,000	$6,265	4.75%
ASHEVILLE, NC (FHA\|USDA\|VA)	1	$255,000	$255,000	$2,419	4.38%
LA CROSSE-ONALASKA, WI-MN (FHA\|USDA\|VA)	1	$255,000	$255,000	$2,125	3.38%
PANAMA CITY, FL (FHA\|USDA\|VA)	1	$235,000	$235,000	$3,065	4.50%
JANESVILLE-BELOIT, WI (FHA\|USDA\|VA)	1	$235,000	$235,000	$5,282	3.50%
LINCOLN, NE (FHA\|USDA\|VA)	1	$225,000	$225,000	$4,546	3.75%
Alexandria, MN (FHA\|USDA\|VA)	1	$225,000	$225,000	$2,624	4.00%
COLUMBUS, OH (FHA\|USDA\|VA)	1	$205,000	$205,000	$2,883	3.88%
Baraboo, WI (FHA\|USDA\|VA)	2	$200,000	$100,000	$2,771	5.50%
LOUISVILLE, KY (FHA\|USDA\|VA)	1	$195,000	$195,000	$4,413	4.13%
Grand Rapids, MN (FHA\|USDA\|VA)	1	$195,000	$195,000	$2,921	3.88%
COLUMBIA, SC (FHA\|USDA\|VA)	1	$185,000	$185,000	$4,828	3.88%
WARNER ROBINS, GA (FHA\|USDA\|VA)	1	$175,000	$175,000	$2,724	4.25%
Sheridan, WY (FHA\|USDA\|VA)	1	$175,000	$175,000	$2,909	3.75%
BOULDER, CO (FHA\|USDA\|VA)	1	$165,000	$165,000	$3,005	4.50%
EAU CLAIRE, WI (FHA\|USDA\|VA)	1	$155,000	$155,000	$3,767	3.75%
BIRMINGHAM-HOOVER, AL (FHA\|USDA\|VA)	1	$155,000	$155,000	$1,905	3.75%
MANCHESTER-NASHUA, NH (FHA\|USDA\|VA)	1	$145,000	$145,000	$1,311	3.38%
Marshall, MN (FHA\|USDA\|VA)	2	$140,000	$70,000	$1,435	5.74%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA\|USDA\|VA)	1	$135,000	$135,000	$3,614	3.88%
SHREVEPORT-BOSSIER CITY, LA (FHA\|USDA\|VA)	1	$135,000	$135,000	$5,818	3.50%
Worthington, MN (FHA\|USDA\|VA)	1	$125,000	$125,000	$2,811	4.75%
TUCSON, AZ (FHA\|USDA\|VA)	1	$115,000	$115,000	$2,570	4.50%
APPLETON, WI (FHA\|USDA\|VA)	1	$115,000	$115,000	$370	5.50%
Owatonna, MN (FHA\|USDA\|VA)	1	$105,000	$105,000	$0	5.79%
ALBANY-LEBANON, OR (FHA\|USDA\|VA)	1	$105,000	$105,000	$2,169	3.38%
BISMARCK, ND (FHA\|USDA\|VA)	1	$55,000	$55,000	$0	5.50%
MADISON, WI (FHA\|USDA\|VA)	1	$45,000	$45,000	$0	6.50%

Alerus Financial's top markets include Minneapolis, Fargo, Grand Forks, Phoenix, and Brainerd among others.

Their top states include:

Minnesota (FHA|USDA|VA)

North Dakota (FHA|USDA|VA)

Arizona (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

Colorado (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Alerus Financial based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

Liberty Bank for Savings
Similarity Rank: 85

Western National Bank
Similarity Rank: 156

CAPITAL CREDIT UNION
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ARAPAHOE CREDIT UNION
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The Miners National Bank of Eveleth
Similarity Rank: 335

EDUCATORS CREDIT UNION
Similarity Rank: 352

The District Federal Credit Union
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T & C REAL ESTATE SERVICES LLC
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DENVER COMMUNITY
Similarity Rank: 480

UNITED
Similarity Rank: 498

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	3,204	$924,000,000	$288,390	$3,155	4.10%
HELOC	706	$72,680,000	$102,946	n/a	5.59%
FHA	194	$46,570,000	$240,052	$5,459	3.75%
VA	86	$27,720,000	$322,326	$6,242	3.62%
USDA	1	$245,000	$245,000	$2,654	3.50%

For 2019, Alerus Financial's most frequently originated type of loan was Conventional, with 3,204 originations. Their 2nd most popular type was HELOC, with 706 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	2,561	$699,075,000	$272,970	$3,527	4.13%
Refi	1,097	$303,855,000	$276,987	$3,325	4.19%
Home Improvement	310	$49,840,000	$160,774	$1,722	5.50%
Other	223	$18,445,000	$82,713	$94	5.65%

For 2019, Alerus Financial's most frequently cited loan purpose was Home Purchase, with 2,561 originations. The 2nd most popular reason was Refi, with 1,097 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	2,899	$839,325,000	$289,522	$3,710	3.99%
5 Year	373	$42,565,000	$114,115	$28	5.85%
15 Year	335	$70,945,000	$211,776	$2,781	3.96%
10 Year	280	$41,200,000	$147,143	$769	5.22%
20 Year	128	$25,280,000	$197,500	$2,885	4.76%
1 Year	103	$15,515,000	$150,631	$787	5.81%
Other	71	$34,685,000	$488,521	$709	5.41%
30+ year	1	$1,375,000	$1,375,000	$7,669	4.00%
3 Year	1	$325,000	$325,000	$0	5.00%

For 2019, Alerus Financial's most frequently cited loan duration was 30 Year, with 2,899 originations. The 2nd most popular length was 5 Year, with 373 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	2,089	$559,515,000	$267,839
$2k-3k	323	$76,045,000	$235,433
$1k-2k	264	$58,540,000	$221,742
$3k-4k	237	$68,655,000	$289,684
$4k-5k	107	$41,265,000	$385,654
$5k+	72	$41,510,000	$576,528

Alerus Financial's average total fees were $3,710, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2,089 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	2,099	$643,255,000	$306,458
4-5%	1,178	$314,140,000	$266,672
5-6%	572	$68,070,000	$119,003
6-7%	288	$29,460,000	$102,292
2.5-3%	49	$15,655,000	$319,490
7-8%	4	$280,000	$70,000
Over 8%	1	$355,000	$355,000

During 2019, Alerus Financial's average interest rate for loans was 3.99%, while their most frequently originated rate bucket for loans was 3-4%, with 2,099 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	1,892	$530,120,000	$280,190	$3,615	4.00%
$100k-200k	1,018	$155,500,000	$152,750	$2,764	4.38%
$100,000 or less	712	$38,820,000	$54,522	$867	5.46%
$400k-600k	442	$203,000,000	$459,276	$4,403	3.90%
$600k-1MM	91	$66,635,000	$732,253	$6,708	4.00%
$1MM+	36	$77,140,000	$2,142,778	$6,437	3.99%

2019 saw Alerus Financial place emphasis on $200k-400k loans with 1,892 originations, totaling $530,120,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	992	$236,590,000	$238,498	$3,412	4.34%
$150k-250k	924	$261,760,000	$283,290	$3,544	4.42%
$50k-75k	683	$131,415,000	$192,408	$3,131	4.14%
$75k-100k	679	$145,185,000	$213,822	$3,253	4.26%
$250k+	474	$182,140,000	$384,262	$4,188	4.62%
$50k or less	315	$48,485,000	$153,921	$2,866	4.10%

Alerus Financial lent most frequently to those with incomes in the $100k-150k range, with 992 originations. The second most popular income band? $150k-250k, with 924 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	1,090	$267,810,000	$245,697	$3,301	4.29%
30-36%	824	$216,720,000	$263,010	$3,389	4.25%
<20%	457	$115,995,000	$253,818	$3,433	4.26%
38%	161	$41,095,000	$255,248	$3,259	4.44%
37%	157	$37,385,000	$238,121	$3,267	4.42%
39%	149	$38,865,000	$260,839	$3,473	4.30%
41%	146	$40,570,000	$277,877	$3,471	4.24%
42%	144	$33,620,000	$233,472	$3,116	4.33%
36%	136	$36,390,000	$267,574	$3,464	4.21%
40%	132	$32,750,000	$248,106	$3,769	4.34%
44%	116	$23,880,000	$205,862	$2,958	4.42%
49%	113	$20,925,000	$185,177	$2,823	4.76%
43%	108	$27,720,000	$256,667	$3,711	4.15%
47%	85	$16,865,000	$198,412	$2,850	4.68%
45%	81	$19,315,000	$238,457	$3,553	4.36%
50-60%	78	$17,100,000	$219,231	$4,567	4.37%
46%	77	$14,635,000	$190,065	$3,356	4.48%
48%	76	$14,940,000	$196,579	$3,534	4.57%
>60%	5	$715,000	$143,000	$3,056	4.51%

Alerus Financial lent most frequently to those with DTI ratios of 20-30%, with 1,090 originations. The next most common DTI ratio? 30-36%, with 824 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	3,346	$851,520,000	$254,489	$3,423	4.24%
Not provided	550	$106,490,000	$193,618	$2,772	4.91%
Not applicable	43	$49,785,000	$1,157,791	$0	5.15%
Asian	121	$33,785,000	$279,215	$3,601	4.00%
Black	94	$20,860,000	$221,915	$3,605	4.07%
Asian Indian	16	$4,270,000	$266,875	$4,705	4.27%
American Indian	13	$3,155,000	$242,692	$2,211	4.02%
Other Asian	4	$650,000	$162,500	$1,715	4.03%
Filipino	2	$290,000	$145,000	$0	5.50%
Chinese	1	$265,000	$265,000	$2,754	3.38%
Other Pacific Islander	1	$145,000	$145,000	$0	5.25%

Approval Rates

Total approvals of all applications
97.31%

Alerus Financial has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
90.89%

Alerus Financial has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
0.0	1	$275,000	$275,000
NA	4,190	$1,070,940,000	$255,594

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	19	$45,095,000	$2,373,421
Single Family (1-4 Units):Site-Built	4,172	$1,026,120,000	$245,954

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	407	$66,755,000	$164,017	$1,479	5.32%
40-60%	365	$91,925,000	$251,849	$3,236	4.24%
60-80%	1,275	$400,725,000	$314,294	$3,625	4.04%
80-100%	1,647	$480,285,000	$291,612	$3,664	3.95%
Over 100%	13	$4,385,000	$337,308	$9,528	3.64%
Under 20%	484	$27,140,000	$56,074	$177	5.60%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Alerus Financial, National Association	11100 Wayzata Boulevard Minnetonka, MN 55305	Full Service B&M	$102,506
Alerus Financial, National Association	15 Broadway Fargo, ND 58102	Full Service B&M	$73,707
Alerus Financial, National Association	1540 S. Stapley Drive Mesa, AZ 85204	Full Service B&M	$18,642
Alerus Financial, National Association	17045 North Scottsdale Road Scottsdale, AZ 85255	Full Service B&M	$49,084
Alerus Financial, National Association	1750 32nd Avenue South Grand Forks, ND 58201	Full Service B&M	$19,697
Alerus Financial, National Association	19765 Highway 7 Shorewood, MN 55331	Full Service B&M	$111,710
Alerus Financial, National Association	2300 South Columbia Road Grand Forks, ND 58201	Full Service B&M	$158,898
Alerus Financial, National Association	3137 32nd Avenue Sw Fargo, ND 58103	Full Service B&M	$87,939
Alerus Financial, National Association	401 Demers Avenue Grand Forks, ND 58201	Full Service B&M	$252,892
Alerus Financial, National Association	409 Second Street Excelsior, MN 55331	Full Service B&M	$41,395
Alerus Financial, National Association	503 Washington Ave. Northwood, ND 58267	Full Service B&M	$24,273
Alerus Financial, National Association	516 Demers Avenue Grand Forks, ND 58201	Full Service B&M	$18,162
Alerus Financial, National Association	7890 Mitchell Road Eden Prairie, MN 55344	Full Service B&M	$36,984
Alerus Financial, National Association	901 13th Avenue East West Fargo, ND 58078	Full Service B&M	$149,572
Alerus Financial, National Association	990 Helena Street North Oakdale, MN 55128	Full Service B&M	$105,319
Alerus Financial, National Association	Canadian Pacific Plaza, 120 S 6th St, Ste. 200 Minneapolis, MN 55402	Full Service B&M	$509,540

For 2019, Alerus Financial had 16 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$93,300
Net interest income	$78,161
Total noninterest income	$113,912
Gross Fiduciary activities income	$77,202
Service charges on deposit accounts	$1,771
Trading account gains and fees	$0
Additional Noninterest Income	$34,939
Pre-tax net operating income	$44,523
Securities gains (or losses, -)	$357
Income before extraordinary items	$34,089
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$34,089
Minority interest net income	$0
Net income	$34,089
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$33,806

Alerus Financial's gross interest income from loans was $93,300,000.
Alerus Financial's net interest income from loans was $78,161,000.
Alerus Financial's fee based income from loans was $1,771,000.
Alerus Financial's net income from loans was $34,089,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$15,139
Provision for credit losses	$7,312
Total noninterest expense	$140,238
Salaries and employee benefits	$92,255
Premises and equipment expense	$10,883
Additional noninterest expense	$37,100
Applicable income taxes	$10,791
Net charge-offs	$5,562
Cash dividends	$15,000

Alerus Financial's interest expense for loans was $15,139,000.
Alerus Financial's payroll and benefits expense were $92,255,000.
Alerus Financial's property, plant and equipment expenses $10,883,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	0.0%
Real Estate loans	0.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	0.0%
Multifamily residential loans	0.0%
1-4 family residential loans	0.0%
HELOC loans	0.0%
All other family	0.0%
Commercial & industrial loans	1.0%
Personal loans	0.0%
Credit card loans	0.0%
Other individual loans	0.0%
Auto loans	0.0%
Other consumer loans	0.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$2,044,964
Deposits held in domestic offices	$2,044,964
Deposits by Individuals, partnerships, and corporations	$1,935,712
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$109,031
Deposits by Commercial banks and other depository institutions in U.S.	$221
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$329,748
Demand deposits	$197,752
Nontransaction accounts	$1,715,216
Money market deposit accounts (MMDAs)	$1,463,358
Other savings deposits (excluding MMDAs)	$55,777
Total time deposits	$196,082
Total time and savings deposits	$1,847,212
Noninterest-bearing deposits	$651,351
Interest-bearing deposits	$1,393,613
Retail deposits	$2,002,784
IRAs and Keogh plan accounts	$28,067
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$2,354,874
Cash & Balances due from depository institutions	$144,006
Interest-bearing balances	$107,645
Total securities	$313,158
Federal funds sold & reverse repurchase	$0
Net loans and leases	$1,744,201
Loan and leases loss allowance	$23,924
Trading account assets	$0
Bank premises and fixed assets	$28,654
Other real estate owned	$0
Goodwill and other intangibles	$49,565
All other assets	$75,290

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$2,354,874
Total Liabilities	$2,080,306
Total deposits	$2,044,964
Interest-bearing deposits	$1,393,613
Deposits held in domestic offices	$2,044,964
% insured (estimated)	$43
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$35,342

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$1,744,201
Loan and leases loss allowance	$23,924
Total loans and leases (domestic)	$1,768,125
All real estate loans	$1,202,454
Real estate loans in domestic offices	$1,202,454
Construction and development loans	$37,214
Residential 1-4 family construction	$10,836
Other construction, all land development and other land	$26,378
Loans secured by nonfarm nonresidential properties	$413,850
Nonfarm nonresidential secured by owner-occupied properties	$222,021
Commercial real estate & other non-farm, non-residential	$191,829
Multifamily residential real estate	$69,391
1-4 family residential loans	$670,537
Farmland loans	$11,462
Loans held in foreign offices	$0
Farm loans	$36,365
Commercial and industrial loans	$426,289
To non-U.S. addressees	$0
Loans to individuals	$86,526
Credit card loans	$0
Related Plans	$16,594
Consumer Auto Loans	$63,094
Other loans to individuals	$6,838
All other loans & leases	$16,491
Loans to foreign governments and official institutions	$0
Other loans	$649
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$0
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$957
Non 1-4 family restructured loans & leases	$950
Total loans and leases (foreign)	$0

Alerus Financial had $1,744,201,000 of loans outstanding in 2019. $1,202,454,000 of loans were in real estate loans. $37,214,000 of loans were in development loans. $69,391,000 of loans were in multifamily mortgage loans. $670,537,000 of loans were in 1-4 family mortgage loans. $36,365,000 of loans were in farm loans. $0 of loans were in credit card loans. $63,094,000 of loans were in the auto loan category.

Small Business Loans

Categorization	# of Loans in Category	$ amount of loans (in 000's)	Average $/loan
Nonfarm, nonresidential loans - <$1MM	350	$112,067	$320,191
Nonfarm, nonresidential loans - <$100k	23	$1,260	$54,783
Nonfarm, nonresidential loans - $100-250k	97	$12,460	$128,454
Nonfarm, nonresidential loans - $250k-1MM	230	$98,347	$427,596
Commercial & Industrial, US addressed loans - <$1MM	1,970	$180,856	$91,805
Commercial & Industrial, US addressed loans - <$100k	1,151	$37,107	$32,239
Commercial & Industrial, US addressed loans - $100-250k	482	$49,234	$102,145
Commercial & Industrial, US addressed loans - $250k-1MM	337	$94,515	$280,460
Farmland loans - <$1MM	70	$8,911	$127,300
Farmland loans - <$100k	15	$690	$46,000
Farmland loans - $100-250k	30	$3,787	$126,233
Farmland loans - $250k-1MM	25	$4,434	$177,360
Agriculture operations loans - <$1MM	435	$22,707	$52,200
Agriculture operations loans - <$100k	334	$8,809	$26,374
Agriculture operations loans - $100-250k	80	$8,868	$110,850
Agriculture operations loans - $250k-1MM	21	$5,030	$239,524